Dynamic Cables Limited - Comprehensive Analysis Report

Summary

Dynamic Cables Limited is a leading Indian manufacturer and supplier of high-quality cables and conductors, with a significant presence in India and over 40 countries worldwide. Initially established in 1986, the company has evolved from manufacturing wires for transformers to producing a comprehensive range of power cables and conductors for various electricity transmission and distribution needs. Its core mission is to deliver innovative and high-quality cable solutions that drive progress across diverse industries and communities. Dynamic Cables aims to be a world-class, reliable organization, recognized for its product excellence, customer satisfaction, and technological advancement, ultimately striving to be among the top three cable companies in India.

1. Strategic Focus & Objectives

Core Objectives

The main business objectives of Dynamic Cables Limited include becoming a world-class, reliable organization and the most preferred supplier and customer in its field. The company aims for execution with precision, expansion with purpose, and excellence with pride. Key goals involve strengthening production planning, streamlining supply chains, and adopting technological tools. A long-term strategic goal is to become debt-free by 2025 and to rank among the top three cable companies in India.

Specialization Areas

Dynamic Cables specializes in manufacturing a comprehensive range of cables and conductors, including Low, Medium, and High Voltage power cables, aerial bunched cables, all-aluminum conductors, all-aluminum alloy conductors, railway signaling cables, and service drop cables for electricity transmission and distribution. The company also focuses on margin-accretive products such as high-voltage cables and specialty products, and has entered the renewable cable markets.

Target Markets

The primary market segments for Dynamic Cables include government discoms, private distribution companies, EPC contractors, and industrial customers. The company is actively expanding its footprint in sectors such as industrial, EPC, railway, State Electricity Boards (SEBs), solar and wind energy, and electric vehicles. It also has a strong global presence, supplying to over 40 countries.

2. Financial Overview

Funding History

Dynamic Cables Limited is a publicly held corporation. The company reported a trailing 12-month revenue of $131 million as of September 30, 2025. For the financial year ending March 31, 2025, the company generated a revenue of ₹1,030 crore, marking a 34% compounded annual growth rate (CAGR) in the last year and exceeding the ₹1,000 crore mark for the first time. The authorized share capital is ₹500,000,000, with a paid-up capital of ₹484,586,380. As of January 14, 2026, the market capitalization was ₹1,512 crore. The company's bankers include Bank of Baroda and SIDBI.

3. Product Pipeline

Key Products/Services

Dynamic Cables Limited offers a diverse portfolio of cables and conductors:

Low Voltage, Medium Voltage, and High Voltage Power Cables: Used for the transmission and distribution of electricity. These products represent a significant and growing portion of their revenue, with HT products increasing from 34.90% in FY 2018-19 to 56.72% in FY 2024-25.

Aerial Bunched Cables (ABC): Used for overhead power distribution, offering advantages in safety and reliability.

All Aluminum Conductors (AAC) and All Aluminum Alloy Conductors (AAAC): Primarily used in overhead power transmission and distribution lines.

Railway Signaling Cables: Essential for the operational integrity and safety of railway networks.

Service Drop Cables: Used for connecting utility power to individual buildings.

Renewable Cables: New offerings specifically for renewable energy projects, aligning with the company's forward-looking strategic goals in solar and wind energy sectors.

4. Technology & Innovation

Technology Stack

Dynamic Cables operates three state-of-the-art manufacturing and testing facilities in Rajasthan. These facilities are equipped with modern machinery and equipment. The company's products are CE certified and type-tested by internationally recognized laboratories such as CPRI, ERDA, and Tag Corporation.

Scientific Methodologies

The company adheres to strict quality management systems, holding certifications for ISO 9001:2015 (Quality management system), OHSAS 18001:2007 (Occupational Health & Safety), and ISO 14001:2015 (Environment Safety). These certifications ensure streamlined operations, from planning and purchasing to production and after-sales services.

Technical Capabilities

Dynamic Cables invests in up-to-date technology and continuous workforce training to maintain technical excellence. This focus enables the manufacturing of products that meet evolving customer demands and industry standards.

5. Leadership & Management

Executive Team

Rahul Mangal: Chairman (Non-Executive).

Ashish Mangal: Managing Director. Brings approximately 27 years of experience in the wires and cable industry, with expertise in finance, new business opportunities, and customer focus. He emphasizes judicious investment in innovative areas to develop products for future markets and ensure cost-effective operations.

Ashok Kumar Bhargava: Independent Director.

Bharat Moossaddee: Independent Director.

Shweta Jain: Independent Director.

Saurav Gupta: Independent Director.

Naina Gupta: Company Secretary, Compliance Officer.

Mr. Govind Saboo: Head (Investor Relations).

Mr. Ravindra Jain: Manager (Critical Care, Function).

Mr. Murari Lal Poddar: Chief Financial Officer.

Mr. Sudhir Jain: Head (Corporate Strategy).

Mr. Jitender Kumar Sharma: Assistant Vice President (Operations).

Recent Leadership Changes

The company transitioned from a partnership firm ("Dynamic Engineers") to "Dynamic Cables Pvt. Ltd." and subsequently to "Dynamic Cables Ltd." through an initial SME Public Offer, reflecting its growth and formalization as a publicly traded entity.

6. Talent and Growth Indicators

Hiring Trends and Workforce

As of October 31, 2024, Dynamic Cables Limited had a team size of 896 employees. The company fosters a continuous improvement culture and aims to provide a positive work environment built on high business values and trust. The company's growth trajectory is indicated by its significant revenue increase, including crossing the ₹1,000 crore mark in annual revenue for the first time in FY 2025.

7. Social Media Presence and Engagement

The provided information does not detail Dynamic Cables Limited's specific social media presence or engagement strategies.

8. Recognition and Awards

Industry Recognition

Dynamic Cables Limited's products are CE certified and have undergone type-testing and approval by NABL accredited laboratories, including CPRI, ERDA, and TAG CORPORATION, attesting to their superior quality and reliability. The company also holds ISO 9001:2015, OHSAS 18001:2007, and ISO 14001:2015 certifications for quality, occupational health and safety, and environmental safety management systems, respectively. The company's new head office is designed with a Green Building Concept, highlighting its commitment to sustainability.

9. Competitive Analysis

Major Competitors

Dynamic Cables Limited operates in a highly competitive Indian power cables and conductors industry. Key competitors include:

Polycab India: A major player with a wide range of electrical products.

KEI Industries: Known for its comprehensive cable and wire solutions.

RR Kabel: A prominent manufacturer with a strong presence in various cable segments.

Finolex Cables: A well-established company known for its electrical and communication cables.

Diamond Power Infrastructure: Another significant competitor in the power infrastructure segment.

Universal Cables: Manufactures high-voltage and extra-high-voltage cables.

V-Marc India: A growing player in the wires and cables market.

Paramount Communications: Offers various types of cables and wires.

Delton Cables: Provides a range of cables for different applications.

Cords Cable Industries: Specializes in control and Instrumentation cables.

10. Market Analysis

Market Overview

The Indian cables and conductors market is poised for significant growth, driven by several macro-economic factors. The total addressable market is experiencing exponential growth due to rapid infrastructure development, increasing urbanization, and extensive government initiatives such as smart city projects and metro rail expansions. The construction sector, encompassing both residential and commercial buildings, also fuels demand. India's rising per capita power consumption further necessitates substantial enhancements in power infrastructure. A critical growth driver is India's ambitious renewable energy targets, aiming for 500 GW of non-fossil fuel capacity by 2030, which creates substantial demand for specialized cables. Dynamic Cables maintains a positive outlook on opportunities within the institutional business segment, anticipating a resurgence in demand linked to increased capital expenditure initiatives across the economy.

11. Strategic Partnerships

Dynamic Cables Limited is exploring technical collaborations and acquisitions as part of its strategy to embrace innovation, indicating a proactive approach to potential partnerships that could enhance its technological capabilities and market reach.

12. Operational Insights

Dynamic Cables operates three advanced production facilities strategically located in Jaipur (two plants) and Reengus, Rajasthan. These facilities are integral to manufacturing its extensive product range, spanning various voltage requirements. The company places a strong emphasis on operational capabilities that prioritize timely delivery, reliability, and consistent quality. A robust framework of internal controls and a comprehensive internal audit plan, approved by the Audit Committee, ensure stringent oversight of internal controls and risk management across all operational facets, including factories, warehouses, and centrally controlled businesses and functions. Dynamic Cables has successfully established a strong global footprint, serving a diverse customer base that includes government discoms, private distribution companies, EPC contractors, and industrial clients in over 40 countries. The company's success is deeply rooted in its extensive focus on product excellence, optimized processes, stringent quality control, and robust performance.

13. Future Outlook

Strategic Roadmap

Dynamic Cables Limited projects significant growth rates for both its export and domestic sectors, anticipating these will be key contributors to its future expansion. The company aims to increase its export share to 40% of its annual turnover. A core strategy involves continuously enhancing its product portfolio by developing new offerings that complement existing core products, particularly in the renewable cable markets. The company plans to expand its footprint in industrial, EPC, railway, SEBs, solar & wind energy, and electric vehicle segments. Future initiatives include continuously expanding capacities, capabilities, and product offerings, as well as establishing new and modernized facilities to keep pace with evolving industry trends. The long-term strategic goals include becoming debt-free by 2025 and solidifying its position among the top three cable companies in India. The company is committed to embracing innovation, actively exploring technical collaborations, and investing in research and development to drive future growth.